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Investing.com -- China Vanke (SZ:000002), one of China’s largest property developers, announced Monday that Chairman Xin Jie has resigned from the board less than a year after taking the position.
Board director Huang Liping has been elected as the new chairman, according to a stock exchange filing.
Huang also serves as general manager of state-owned Shenzhen Metro Group, which is China Vanke’s largest shareholder.
Shares of China Vanke dropped about 5% on Monday morning.
The leadership change comes as the property developer faces significant financial pressure in China’s troubled real estate market.
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